Black Friday is one of the busiest shopping days of the year, and it presents a huge opportunity for businesses to boost their sales.
However, Black Friday can also be a chaotic and stressful time. (And not only because we’re usually stuffed with Thanksgiving turkey and need a nice long day of napping…which is how I usually feel!)
To make the most of Black Friday and avoid stress and chaos, businesses need to plan their marketing carefully in advance.
By coming up with creative and eye-catching promotions, businesses can attract attention and encourage sales. And by being prepared for the influx of customers, businesses can make sure that Black Friday is a positive and successful experience for both themselves and their customers.
However, oftentimes a lot of businesses don’t actually know how to go about Black Friday.
Small businesses often lack the resources of larger retailers, making it hard to compete on price. Many businesses also don’t know which promotions or marketing campaigns to run, leading to missed sales opportunities and low visibility.
Understanding which strategies are right for your company is very important so you can make the most out of this high-volume day!
Learn about your target market first
According to a study done by the National Retail Federation, top factors that influenced buyers’ decisions during Black Friday were free shipping (49%), promotions and limited-time sales (36%), an easy-to-use website or app (21%), and the option to buy online and pick up in-store (20%).
See more Black Friday statistics from NRF here.
Before you even start planning your Black Friday strategy it’s important to keep in mind what your customers actually want. You can take this a step further by defining your specific target market and learning about their buying habits.
Strategically selecting your Black Friday promotions
Black Friday isn’t just for the retail industry, either. Companies in all industries can benefit. You can get creative by doing things such as waiving an onboarding fee, offering a free month of subscription, providing a free gift-with-purchase, and much more.
You should also align your Black Friday plans with your business goals rather than blindly marking things down or creating discounts.
To ensure that your Black Friday offer is in line with your business goals, start by evaluating what you want to achieve. Are you looking to increase profits? Drive traffic to your website? Clear out old inventory?
Once you know what you want to achieve, you can create an offer that is designed to meet those goals. For example, if you’re looking to increase profits, you might offer discounts on high-margin items.
If you’re looking to drive traffic to your website, you might offer free shipping or a free gift with purchase.
And if you’re looking to clear out old inventory, you might offer deep discounts on seasonal items.
By taking the time to determine your goals, you can ensure that your Black Friday promotion is a success.
What works and what doesn’t
Studies have found that offering low promotions like a site-wide 10% discount doesn’t actually do much.
On average, U.S. consumers expect a Black Friday discount between 26 to 50% on average, so if you can’t reasonably discount your products that much, then you should look into alternative offerings.
One alternative is to provide a bigger discount on items you have high profit margins for, or on items you have overstocked.
You may want to set a minimum price for discounts so that it’s worth your while to give a higher percentage discount.
Or, depending on your company and industry, you can offer things like a free consultation, waive onboarding fees, or find other creative ways to help consumers feel like they’re getting an awesome deal.
(Note, for online businesses offering digital products, Cyber Monday may be a better fit than Black Friday.)
By taking the time to learn about your target market first, you’ll be able to create promotions that are more likely to resonate with them. You’ll also be able to avoid promotions that could alienate potential customers. So as you plan for Black Friday, take a step back and think about who you’re trying to reach and what they really want.
Taking that extra step could make all the difference in the success of your campaign.
Marketing ideas for Black Friday deals
After strategically deciding on your Black Friday promotion(s) with your business goals in mind, you’ll need to spread the word!
Share your promotion with your entire audience, reaching as many people as possible. Don’t forget about past clients as they may become repeat buyers!
Here are several ideas for Black Friday marketing promotions:
- Give out a special Black Friday discount code that can be used online or in-store.
- Entice people with a free gift with purchase, or offer a BOGO (buy one, get one free) deal
- Create a Black Friday landing page on your website with all of your special deals in one place
- Send out Black Friday emails to your subscribers with exclusive deals and promo codes
- Utilize social media to share Black Friday deals and promotions with your followers
- Use influencers to promote your Black Friday sales and deals to their audience
- Place Black Friday ads in newspapers and other print publications
- Run Black Friday radio ads on local stations leading up to the big day
- Use eye-catching images and graphics that are branded to your company
- Create a sense of urgency with countdown timers
- Use video to stand out against your competitors and create a more personable experience
Plan ahead and be ready
Releasing your Black Friday offer sooner than later can be beneficial. For one thing, you’ll be able to relax on Thanksgiving and take the time off you deserve to spend with family rather than doing last-minute work!
Releasing a deal early can also help to generate excitement and buzz around your business.
In addition, it can give customers more time to plan their shopping trip or online purchase, which can lead to higher sales.
And finally, releasing your Black Friday offer early can help you to stand out from the competition!
So if you’re looking to get a jump on Black Friday, be sure to plan ahead and be ready for this busy shopping day!
